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Circular Letters

Circular Letter 5619

March 30, 2004

To: All Member Banks and Others Concerned in the Third Federal Reserve District

Attention: Chief Executive Officer and Chief Compliance Officer

Subject: HOME MORTGAGE DISCLOSURE: REQUEST FOR COMMENT ON REVISED FORMATS FOR PUBLIC DISCLOSURE OF LENDING DATA

Summary:

The Board of Governors of the Federal Reserve System has requested public comment on proposed changes to the public disclosure tables that are used to report data collected by lenders under the Home Mortgage Disclosure Act (HMDA).

The proposal would revise some of the existing disclosure tables, delete one set of existing tables, and add new tables.

Recent revisions to Regulation C, the Board regulation that implements HMDA, require lending institutions to report new data including loan pricing information (the rate spread between the annual percentage rate on the loan and the yield on Treasury securities of comparable maturity); whether the loan is subject to the Home Ownership and Equity Protection Act (HOEPA); whether manufactured housing is involved; whether the loan is subject to a first or subordinate lien on the property; and certain information about requests for preapproval. These data items would be reflected on the proposed new tables.

The proposed revisions to the existing tables are primarily to reflect the itemization of data on manufactured housing and changes to the race and ethnicity categories adopted by the Board to conform to standards established by the Office of Management and Budget.

The first year for which the new data will be reported is 2004. Data from institutions must be submitted to the federal financial regulatory agencies no later than March 1, 2005, and the data will be reflected in the public disclosures scheduled to be released in summer 2005.

Comments on these proposed changes must be received by May 10, 2004.

Federal Register PDF Icon (175 KB, 13 pages) notice, published March 25, 2004.

Sample Tables PDF Icon (1.22 MB, 84 pages)

Date: Comments on the proposed changes must be received by May 10, 2004.

For Further Information: Glenn Canner, Senior Adviser, Division of Research and Statistics, at (202) 452-2910; or John C. Wood or Kathleen C. Ryan, Counsel, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551, at (202) 452-3667 or (202) 452-2412. For users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263-4869.